In the 1988 Oscar-winning Rain Man, Raymond Babbitt (Dustin Hoffman) famously proclaimed to his brother Charlie (Tom Cruise), when discussing the security of air travel, that \”Qantas never crashed.\”
Raymond\’s claim, while true (at least since 1951), was really not as insightful as?Charlie’s prior comment: \”All airlines have crashed previously or another,\” he explained to Raymond. \”That does not mean that they are not safe.\”
North American travelers are fortunate that, whether flying first class from L.A. to Ny or on a discount airline from Toronto to Orlando, they are able to expect, having a very high amount of certainty, to reach their destination successfully.
We feel safe in the knowledge that the aircraft, the maintenance crews who service them and also the crews who fly them happen to be subjected to battery power of tests and conditions to mimic probably the most hazardous of situations and conditions.
In many cases, both planes and also the crew have survived actual harrowing in-flight experiences.
In the case of investment funds and the managers who \”pilot\” them, we should expect believe it or not.